Application Of Finance Lease Asset Securitization

Since entering the country in the early 1980 s,the financial leasing business has developed rapidly and has become an important financing tool and methods for companies,especially small and micro ones,and has become an important tool for solving the financing difficulties of small and micro enterprises.With the expansion of the financial leasing business,the issue of institutional financing has become more prominent.Leasing companies have short financing periods and high costs,and financing constraints have become an obstacle to the further development of the industry.As the leased assets have good cash flow and possess asset collateral and pledge attributes,they are good assets for asset securitization.Securitized products are more easily accepted by the market.Leasing asset securitization opens up a broad financing channel for financial leasing companies..In the process of securitization,the quality,duration and scale of leased assets are highly different,and the size of the asset pool and the matching of asset maturities become the key factors for securitization and the price of securitized products.This paper selects the "Lionbridge Phase II Special Assets Support Plan" as a case for the application of securitization of financial leasing assets.It is the first leased asset securitization ABS product of the Shenzhen Stock Exchange that adopts the cyclical purchase structure.The product has solved the asset end better.The problem of mismatch with the term of the securities terminal,the asset pool structure differentiation design assists the internal credit enhancement and external credit enhancement measures,which better solves the problem of matching the original equity assets’ maturity and revitalizes the stock assets;at the same time,it reduces the financing cost and enriches ABS market investment varieties,typical and representative.This paper first gives a comprehensive introduction to the development of China’s financial leasing market,and analyzes the financing constraints of the leasing industry and the financial leasing asset securitization market.The third chapter introduces the basic situation of the case company,the project background,the design of the current product,The credit enhancement means and transaction structure used;the fourth chapter focuses on the analysis of the motivation of the asset securitization of the Shiqiao Leasing Company and its effects,and obtains the factual conclusionthrough the analysis of the company’s financial data and horizontal comparison with similar companies.With the rapid expansion of the rental business of Shiqiao Group,it faces high asset-liability ratio and financing difficulties.At the same time,due to its short term and inconsistent lease term,ABS is facing technical difficulties through asset securitization.Through the cyclic transaction structure,the technical problem of asset end term matching is better solved.From the market analysis,the product is not only sold smoothly,but also has a good market effect from the breadth,depth and flexibility of the trading market.In addition,the main risks and corresponding preventive measures of the current product were analyzed in detail.Finally,summarize the product experience of this case,and make constructive suggestions for the design and development of the corresponding follow-up structured products from the perspective of further improving and enriching the products.